From rvsy2 on Advfn After the formal AGM business ( passing of...

From rvsy2 on Advfn
After the formal AGM business ( passing of resolutions ) Paul A gave a brief statement on current status of the project and answered previously submitted questions. My summary is below.

The updated BFS which covers all operations in Angola will be completed by end of January. The BFS will include mining, production of rare earth (RE) concentrate, on site processing of the RE concentrate to RE sulphate product, infrastructure and support services.

The RE sulphate process will be patented and was chosen instead of the previously envisaged RE carbonate process as it had lower capex and opcosts.

The Re sulphates will be shipped to the UK for processing into the RE oxide product for sale. Three possible sites are being studied for the refinery , all sites are eligible for UK govt financial incentives and the decision on the site will be announced shortly.

The study of the UK based operations will be completed by the end of January, albeit to the level of a scoping or pre feasibility study and consequently lower accuracy of the capex and opcost estimates.

Nevertheless the total costs of the entire project at the end of January will be suitable for financing and these options include equity, debt and UK government and EU finance.

Construction in Angola is planned to start in 1Q 2021 which will make Pensana the front runner of any new RE projects.

With the benefits of SETS trading on the LSE, the board is going to consider whether Pensana should drop its ASX listing.

I hope you find the above useful.